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Health Savings Account

Save on doctor visits, prescriptions, and more with a free Health Savings Account at CEFCU. 


Open a CEFCU HSA to help manage the costs of a High-Deductible Health Plan footnote 1 and help save for future qualified medical expenses on a tax-free basis.

Access funds through a CEFCU HSA Debit Mastercard,® online, or at any Member Center to pay qualifying medical expenses: footnote 1

  • Chiropractor
  • Dental and Vision Care
  • Lab fees
  • Office visit co-pays
  • Prescription drugs
  • Surgery
  • And more

An added bonus — you can even invest your HSA funds in additional HSA accounts! Options include: HSA Checking, Dividend Checking, Insured Money Market Account, and Certificates. Plus, as a CEFCU HSA Owner, you can request to add an Authorized Signer on your HSA!

CEFCU HSA Advantages

A CEFCU HSA has no set-up and no maintenance fees. Also, you can have a separate account, statement, checks, and Debit Card you can use just for medical expenses. Plus, online access and Bill Pay services. HSAs have multiple benefits, including:

Tax Savings:

  • Contributions to an HSA are potentially tax deductible, whether made by the employer or employee.
  • Earnings and withdrawals for qualified medical expenses are tax-free.


  • Account ownership and control stays with you, so you can keep your CEFCU HSA if you change jobs or medical plans, change marital status, move to a different state, or become unemployed.
  • If you switch from a high-deductible to a low deductible health plan, you will be unable to make additional HSA contributions. However, you can still withdraw remaining HSA funds to cover qualified expenses.


  • Funds can be used to pay for current or future qualified medical expenses for you, your spouse, or your dependents.
  • Unused funds remain in your CEFCU HSA from year to year — no worries about “use it or lose it” by the end of the year.
  • Unused HSA funds may be used for non medical purposes beginning at age 65, but will be subject to income tax if not used for qualified medical expenses.

Just contact CEFCU or visit a Member Center to open your HSA today! Or, request your New Account kit online.

You cannot use HSA funds to pay for expenses incurred prior to opening the account.

HSA Debit Card

There’s an easier way to use your HSA funds — the free CEFCU HSA Debit Mastercard. 

You can use your HSA Debit Card wherever Mastercard, Cirrus®, or Maestro® are accepted. Plus, there's Zero Liability footnote 2 on qualifying purchases.

HSA Contribution Limits

Contribution Deadline: You have until the tax-filing deadline (generally April 15) of the following year to make allowable contributions.

For more detailed information on HSA plans and taxes, visit the IRS website  or talk with your tax advisor.

HSA Advantages

Take a look at what HSAs offer you! HSAs…

Save You On Taxes

If they are used for qualified medical expenses.

Cover Expenses

Including medical, dental, and vision care.

Go With You

If you change jobs or medical coverage.

Roll Over

To the next year if you don’t use all the savings.

Health Saving Account FAQs

  • Are contributions (deposits) tax deductible?

    Yes. Health Savings Account contributions made by an eligible individual or his/her family members are deductible by the eligible individual when determining his/her adjusted gross income. The individual cannot also deduct the contributions as medical expense deductions.

  • Are there fees?

    There are no fees for CEFCU members to open and maintain a HSA.

Request your New Account kit today!

Features & Benefits

Online Banking

Check balances, transfer money, and more 24/7.


Go green and enjoy convenient, secure statement access.

Debit Card

Get cash and make purchases worldwide.

1. Consult your tax advisor for help determining your eligibility to open an HSA and your allowable contributions and withdrawals. As custodian/trustee of your HSA, CEFCU is not responsible for determining your allowable contribution amounts or whether distributions are used for qualified medical expenses. Your total contributions and withdrawals are reported annually to the IRS.

HSAs were developed by Congress for consumers with high-deductible health plans. If you are not enrolled in Medicare, you can use tax-free savings to pay for current or future qualified medical costs.

2. Zero Liability: Pay only for purchases which you have authorized on your Mastercard card. Unauthorized purchases are not your responsibility. Conditions and exceptions apply. Get Details .

3. Your personal contribution limit may be lower than Internal Revenue Code maximums. Individuals are responsible for monitoring their contributions limits — CEFCU does not monitor it. Consult your tax advisor with questions about how limits apply to your situation. Contributions may be subject to state taxes in some states. The annual contribution limit includes employer contributions.

4. Catch-up Contributions (55+): Eligible individuals over the age of 55 are allowed to make additional catch-up contributions to their HSAs. The catch-up amount is $1,000. If you turn 55 during the year, you can contribute the full $1,000.